All limited companies that pays employees through PAYE must complete certain tasks at the end of the financial year.
As an employer with a PAYE scheme, there are certain processes that HMRC require you to complete before the end of the current tax year (5th April). These are often referred to as the ‘payroll year end process’ and include:
- Sending your final payroll report of the year – this needs to be done on or before your employees’ last payday before 5th April
- Updating your records – from 6th April, you need to update your employee payroll records (ensuring the correct tax code is used in the new tax year) and ensure your software has been updated for the new year